Comments by "Nicholas Conder" (@nicholasconder4703) on "Econ Lessons" channel.

  1. It is not just the old plants with old machinery. One other issue is that Russia has created a socialist economy where all the major manufacturers are run by Putin's sycophants. Just follow the ownership chain. If you check who owns the aircraft companies you find that within 2-3 levels of "shell companies" you find Putin and his cronies. For instance, in chain of ownership you have Sukhoi owned by United Aircraft Corporation, of which 92.4% is owned by Rostec. Rostec is a branch of the Federal Agency for State Property Management, which is part of the Russian Ministry of Economic Development. This means that Sukhoi is owned (through proxies) by the Russian government. The same is definitely true of all the aircraft manufacturers in Russia, and many of the oil companies as well. It is probably true for most, if not all, the major industries in Russia. Considering all the company presidents and CEOs are basically Putin employees (party hacks) and not industrialists, it is hardly any wonder that Russian industry is so inefficient.
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  2. I have watched a number of videos about shopping in Russia, and the inflation rate for groceries appears to be around 30-40%. Their sales of oil and gas have declined considerably. So I don't see how Russia can claim they have economic growth.
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